City Index Review 2017

City Index Review 2017

Our stroll through the forex and CFD trading industry continues with another big and established company. These guys started out in the United Kingdom in 1983 and have been improving and expanding their offer ever since. What is their secret? What does their offer look like today? You will find out that and much more in the rest of this City Index review.

You already know how we do things around here – our team goes in, trades with the broker for a while in order to test its website thoroughly and then reports back.

As always, we were extra careful to check out absolutely everything the company has in its arsenal, so if there’s anything you want to know about them you will find it here. Read on!

PROS

CONS

– loads of great platforms

– thousands of available markets

– excellent support

– great education

– internationally known experts

– quick withdrawal execution

– one month of free trading signals

– no classic deposit bonuses

– doesn’t accept e-wallets

City Index Review | First steps

It somehow seems appropriate to start this article off with the City Index login because this is what completes the account creation process here. The process itself has four different steps where you disclose information about yourself, which then helps the broker provide you with a better service. You will choose your username and password here, see if you want to make spread beats, trade CFDs or both and much more. Once you’re done with all of that, simply log in to make everything official. We have to say that you do not have to worry about Is City Index a Scam and that your personal information will be perfectly safe at all times. We are also happy to say that we never experienced any login problems while trading here, so we can move our City Index broker review to other, more interesting topics. Stay tuned!

City Index Registration Page

City Index Review | Account types

Given that we talked about the account creation process in the last paragraph, let’s see which accounts City Index actually has to offer. First of all, your account type will depend on what kind of trading you’re interested in. Therefore, you can open a spread-betting account, a forex account or a CFD account. But that’s not all because you can also create a City Index joint account or even a corporate account, so you really have plenty of options and it’s up to you to see which one suits you best.
As for the features of these accounts, let’s just say that the margin you get here can be as low as 0.5% (indices and forex pairs) or 4% on shares. Additionally, City Index only charges a commission if you’re trading shares, whereas all other assets are commission-free. Spreads are also very tight, from 0.3 points on gold and 0.06 on sugar, to 1 point on various indices. Finally, we have to say that the leverage here goes up to 1:200, which is pretty standard in this industry. Should you ever want to close your account, you can do so by simply e-mailing the broker and the support team will do everything for you. Before you decide to start trading here, however, you may want to test everything out without any financial risk. How can you do that? We’ll talk about that next in our City Index review.

City Index Account Types

City Index Review | Demo account

City Index wouldn’t be much of a broker if it didn’t have a demo account, now would it? Of course, you can test everything here very easily, but signing up for this account is much easier than if you’re creating a real account – your name, e-mail and phone are the only things you need to fill in to start trading. We will mention once again that you are not exposed to any financial risk in this case because the broker will supply you with 10,000 virtual GBP you can use as you wish. Given that you have literally thousands of markets to choose from, these virtual funds will come in very handy. Apart from the money, everything else is just as it would be on a real account – you get real time pricing here, as well as access to all trading tools and features. All of this makes the City Index demo account an excellent learning tool, but there are more materials you can use to improve your trading skills (this will be analyzed further on in the text). Just remember that this practice account only lasts you 12 weeks, so make sure you make the most of it. As for us, we will move this City Index review on because there is still so much to explore.

City Index Review | Deposit

Ok, so you’ve set everything up and want to start trading. Is your balance still zero? If it is, you need to make a City Index deposit and we are going to show you everything you need to know about this process.
First, let’s take a look at the ways you can fund your account. The broker accepts debit cards (Visa, MasterCard, Maestro and Electron), credit cards (MasterCard and Visa) and, of course, bank transfers. You can have up to three cards attached to you account, but keep in mind that depositing via credit cards carries a 1.5% deposit fee. What is especially important to emphasize is the fact that the City Index minimum deposit is 100 GBP, which is honestly pretty average when compared to other brokers in the industry. However, we have to say that it is recommended that you always have enough in your account to cover your margin. This, obviously, varies from asset to asset, so do check if you have enough funds in your account before you start trading. Also, we have to say that all deposits made via cards will immediately be visible, whereas the bank wire transfers will appear in your account balance within one hour, which is pretty fast if you ask us. But funding your account can also bring you some very interesting perks. Learn all about that in the next part of this City Index review!

City Index Deposit Methods

City Index Review | Bonus?

If there’s one thing that can be taken as a flaw in this analysis, it’s the fact that this broker does not offer bonuses in the way other companies do. However, there is a good reason why City Index bonus policy is like that – they found that withdrawal (turnover) requirements cause problems to their clients, so they decided to get rid of them altogether. This certainly makes these guys pretty unique in the whole trading industry, but we are sure some among you will appreciate this move. So, to reiterate, do not expect a welcome bonus when you deposit, or refer a friend bonus or any kind of deposit bonus at all. However, City Index does have a way to reward you for opening an account with them.
This is done by allowing you free access for one month to trading signals by Faraday Research. This is a pretty reputable signal provider which will deliver your signals to your mobile phone, so that you can react immediately when an investment opportunity arises. So if you need tips or trading advice or are simply unable to decide what to do with an asset, this can be an excellent solution. In a way, this can certainly be considered a bonus because a good tip can bring you money directly and immediately. Once you have enough funds in your account, you will surely want to make a withdrawal. The following part of City Index review will show you everything about that procedure. Stay with us!

City Index Signals

City Index Review | Withdrawal

OK, so you want to transfer the money you have in your trading account back to your bank account. What are your options? Well, City Index withdrawal can be executed via the same methods you can use for funding your account – cards and bank transfers. What is interesting about this process is the minimum withdrawal requirement because it is set to 50 GBP, but only if your balance is bigger than that. If you don’t have that kind of money in your account, you are free to withdraw as much or as little as you want, without any extra fees. As a matter of fact, there are no withdrawal fees at all with this broker, which is absolutely great news for all traders. The only instance of City Index withdrawal fee we could find is in the case you wish to make a same day withdrawal. For that, you will have to pay 25 GBP extra, but keep in mind that the process can only be executed via a CHAPS bank transfer. As you can see, when it comes to your money management, this company is more than fair. Let’s now take a look at the trading environment itself, namely the trading platforms you can use. There is a lot more interesting information coming your way in this City Index review, so don’t go away.

City Index Review | Trading platforms

With this broker you can trade in several different ways thanks to the fact that there are several trading platforms to choose from. On top of that, if you ever need any help with making sense of the data coming your way, you can use the City Index research portal which performs technical and fundamental analysis for you. Each platform has won several awards over the years and offers everything you need, but there still are some notable differences which may or may not suit your trading style. Before we get into that, however, we have to say that all platforms will give you access to literally thousands of different markets, including virtual currencies like Bitcoin. You also have access to detailed historical data no matter which platform you choose, which is certainly something that can help you create your trading strategy. You can probably already guess that this part of City Index review will be a bit longer, but this is because the options you have here are so numerous.
The first City Index trading platform you can choose is called Advantage Web. This is a browser-based platform, and we think it’s the best option for those who are still relatively inexperienced traders. There are more than 80 different indicators which, in combination with 12 different charts, offer a huge number of analytical possibilities. The whole screen is fully customizable, so you can set everything up exactly as you want it, plus there is also the possibility of using a very handy economic calendar.

City Index Advantage Web

The next two City Index trading platforms will require you to download them first, but the process doesn’t take very long and you should be trading in no time at all. At Pro is the first desktop platform we have to mention, and it offers some advanced charting options, as well as some very interesting strategies for automated trading. You can come up with your trading templates, perform more thorough analyses, operate at higher speeds, back-test signals and much, much more. You even get the most important news straight from Reuters! Because of all these slightly more advanced features, we would recommend this platform to professional traders who really want to sink their teeth into some very detailed data.
Finally, we have the City Index mt4 trading platform. Yes, just like so many other companies, this one also uses Metatrader 4. As you probably already know, mt4 is the most famous and most popular trading software, primarily because of its numerous features, and this is where you come to trade forex with this brokers. As for the features, suffice to say that you have full freedom to customize your indicators and even come up with your own automated trading system. Naturally, the economic calendar can also be fully adjusted to fulfill your needs, which means you have absolutely everything here just one click away. But it doesn’t only come as a Windows app – City Index mt4 is also important for mobile traders, but we will talk more about that in the next part of the review.

City Index AT Pro

City Index Review | Mobile app

No serious broker can afford not to have a way to provide its clients with trading on the go. Pretty much everyone has some kind of smartphone these days and traders among us want to be able to react instantly when something happens on the market. City Index is well aware of that, so they’ve developed a mobile app for all mobile devices and this is what you need to know about it.
The City Index app is based on the Advantage Web platform we mentioned earlier. It comes as both an iPhone (iPad) app and an Android app and is, naturally, completely free of any charges. With this product you will also get news from Reuters directly to your phone, economic calendar, various charts and indicators, as well as the ability to trade across platforms. In other words, one account is everything you need. It’s interesting to note that you can also use personalized watchlists to keep track of the assets that interest you the most. There are also hedging tools and several types of orders at your disposal, so you can really count on your mobile experience to be pretty much the same as trading on a desktop computer.

City Index Mobile App

However, this is not the only app you can use with City Index. Apart from the Windows version, Metatrader 4 also has its mobile version. This is also available for both iOS and Android devices and is also completely free of any charges. What is interesting about the mt4 app is that it offers sound notifications, chat, numerous timeframes, three types of charts, at least 30 indicators and much more. This app was downloaded by literally tens of thousands of traders and their feedback is overwhelmingly positive – most of them consider this product to be excellent. Therefore, no matter which City Index mobile app you decide to use, you can’t go wrong. We would even recommend that you try out both and simply see which one suits your trading style better. As for us, we still have things to discuss in this City Index review, so keep reading.

City Index Review | Other charges and fees

Many of you will wonder if there are any additional costs you have to pay when trading with this broker. While most money transfers can be executed for free, there still are some City Index fees and charges you need to be aware of. This is nothing unusual in this industry, but let’s break all of it down so that you can compare the cost with what other companies offer.
We already mentioned spreads and margins, so City Index overnight charges seem like the most important thing to mention in this part of the analysis. These are also known as financing charges and you pay them for each day a position you hold is open. They vary depending on the region you’re trading from, but you can easily find the information you need on the broker’s website or by checking with the support.
Another type of City Index fees we need to mention in the review are inactivity fees. They come into play if your trading account is not active for at least 12 months, which is quite a long period not just in general, but also when compared to inactivity fees of other brokers. This fee is set to 25 GBP and will be deducted from your balance each month until you reactivate your account or until your balance reaches zero.
One last thing we want to mention here is the cost of Guaranteed Stop Loss Order. This feature can be used on any asset this broker has in its offer, but City Index will not charge you for it right away. Only if this order is activated will your account balance be charged. The price of this service is not universal and depends on how big your position is and on the market you’re trading in. You can learn everything about that when you get to your trading platform or simply by contacting the support team. Speaking of support, let’s see how good it is. City Index review will tackle that next.

City Index Fees

City Index Review | Contact and support

With this many trading options, you may need some tips on how to approach everything on this website, especially if you’re still new in this business. Fortunately, City Index support comes in a variety of different shapes, so let’s see which options you have at your disposal.
You can contact the broker by using a whole array of methods. First of all, we have to say that the City Index live chat is excellent because the support team is always quick to respond. They don’t waste your time and always do their best to resolve your problems or answer your question as quickly as possible, so a big plus for the broker here. Just remember that these guys are not available on weekends, whereas on weekdays they operate 24 hours a day. Additionally, you can easily find the broker’s address on the website and even the exact location of their head office is marked on Google Maps, so if you’re ever in London, UK, you can find them easily. While we’re on the subject of geography, we have to mention that this broker does not accept US traders, while people from all other countries are more than welcome to join. So, no matter if you’re from India, Australia, Singapore, UAE, EU or any other country, you can count on this broker to provide you with top-notch service every time.

City Index Contact

But that’s not all. There are several City Index contact numbers you can call, both for local and international traders. You can even use this method to open an account if you prefer to have somebody walk you through the process. Naturally, City Index also has an e-mail address you can use whenever you like, and there is even a contact form on their website to help you get in touch faster. There is also a pretty thorough FAQ section on the website, plus the broker is very active on social networks – from Facebook and Twitter to Google Plus, Youtube and even LinkedIn, this company is everywhere. But these are not the only ways you can get help here – stay with our City Index review for a look at the broker’s educational materials.

City Index Review | Education

If you’re a new trader, you don’t have to worry about having any trouble learning the basics of online trading in a flash on this website. The City Index trading academy has absolutely everything you need to bring your trading skills to a professional level.
And when we say everything, we really do mean everything – a huge variety of topics has been covered by the broker’s experts, so you really have an immense amount of education materials to choose from. You can take on technical and fundamental analyses, tweak your strategies, learn how to be as efficient as humanly possible, study all the tools available to you and much more. Your City Index training will cover CFD trading, spread betting and forex trading, which have all been thoroughly analyzed, plus there is an extensive video library if that’s what you prefer. You will find a video for pretty much any topic you can think of, which can really be of great help if you’re looking for a particular explanation.
However, there is much more you can use apart from these basic forms of education. Learn to Trade Webinars are the best example of this, as City Index holds them regularly and you can sign up very easily if you want to participate. People you get to listen here are some of the most reputable financial analysts in the United Kingdom and they were also featured on the BBC, Sky News, The Guardian and all other globally influential British media. So you can be absolutely sure you will get the best possible trading advice this way. If you’re not able to make it, there’s no need to worry – the broker has a detailed archive of webinars, so you can easily catch up on anything you miss. That should do it for this City Index review, the only thing left for us to do is to wrap things up.

City Index Education

City Index Review | Conclusion

As you can see, there are plenty of reasons why this broker has an excellent reputation in the trading industry. No wonder they have been operating for almost 35 years because the quality of service you get from them is certainly worth your money. It is very easy to get started and the accounts you can open allow you to experience pretty much all kinds of trading. Forex, spread betting, CFDs – it’s all there. On top of that, you can also open a demo account to check everything out without any risk. Excellent (and pretty numerous) trading platforms make sure you always trade in a perfect trading environment (both on desktop computers and mobile devices) and include literally thousands of markets. The broker accepts traders from pretty much all over the world (except US), plus if you ever have any questions you can always contact their excellent support team. There are many other interesting features worthy of your time here (education, for example), but to keep things nice and simple we will say that our City Index review was a very pleasant experience. This is one of those companies you simply can’t go wrong with if you choose to trade with them. Open an account and take a look for yourself!

Author's overall rating:

Author: Ben Prescott

Updated: April 6, 2018

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